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Nevada’s governor just declared a “state of emergency,” according to Fox News. Normally, that what a governor does when there is a natural disaster like a blizzard or hurricane.
But apparently in Nevada, that’s what happens when the supply of cannabis is running low.
Nevada allowed stores to begin selling cannabis for recreational use a couple of weeks ago. And it’s reported that the supply is completely running out.
Cannabis sales in Nevada started on July 1. The 47 stores that are licensed to sell weed reported more than 40,000 transactions in the first weekend.
Initial sales were twice what the Nevada state officials had expected.
The Nevada Department of Taxation reports, “Based on reports of adult-use marijuana sales already far exceeding the industry’s expectations at the state’s 47 licensed retail marijuana stores and the reality that many stores are running out of inventory, the Department must address the lack of distributors immediately.”
Nevada joins the states of Colorado, Oregon, Washington and Alaska that currently allow selling of cannabis for recreational use.
As seen from the huge demand in Nevada, many Americans want to support legal weed and want to buy the product. It’s only a matter of time before this is completely legal in all 50 states.
Legal weed is going mainstream. And early investors are cashing in and getting rich. Are you ready to get in on the action?
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Pot Stock Briefing
Bloomberg: Canada Ponders an Unusual Drug Problem
Ontario’s finance minister says that the biggest problem with full legalization is a lack of supply. Research firm Cannacord Genuity says that the market for legal weed in Canada will grow to $4.5 billion by the year 2021. Production of cannabis is growing, but not fast enough to meet the expected demand next year. That’s when recreational use is expected to be completely legal in Canada.
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Market Snapshot
Weekly Performance (Monday – Friday):
North American Index: +6.9%
Horizon Medical Marijuana ETF: +5.4%
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One small company was founded by a former big pharmaceutical executive. The company has set its sights on replacing opioids with cannabis. And the initial progress is significant.
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